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This quirky $29M EV penthouse is music to the ears

From Luxury Listings NYC: The first glimpse you’ll catch of the Carl Fischer Building’s $29.5 million penthouse apartment is from the sidewalk across the street and 12 floors below. Let your eyes follow the stem of the gargantuan music note, painted on the side of the building, up, and you’ll eventually catch sight of the penthouse’s lush rooftop garden. But that’s just a teaser. The 15,781 square-foot penthouse takes up the top three floors of the … [more]

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Illegal rentals make up a third of Airbnb revenue: report

While commercial listings on Airbnb make up a tiny sliver of the total units available, they do account for an outsized portion of profits – and that could motivate the controversial startup to focus more on those commercial listings as it grows. Commercial listings — or units that are rented at least 180 days a year — make up 8 percent of the more than 30,000 units listed on Airbnb in New York City, according … [more]

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Ryan Williams on the impenetrability of the asset class

From the August’s issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate: To read other smart and/or funny sayings, click here for the full feature. … [more]

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Robert Durst to be subject of Lifetime TV movie

Robert Durst is about to get the Lifetime treatment. The network is developing a TV movie centered around the former real estate heir turned accused murderer, Variety reported. The movie would be told from the perspective of Durst’s late wife, Kathleen Durst, who disappeared in 1982 and whose body was never recovered, according to Variety. Durst, son of the Durst Organization’s late Seymour Durst, was a suspect but never convicted of his wife’s murder. Her family … [more]

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Hedge funds looking for big payday on defaulted mortgage bonds

Two hedge fund managers are hoping for a big payday on defaulted pre-crisis mortgage bonds by capitalizing on legal fine print. The funds, Prosiris Capital Management and Tilden Park Capital Management, bought defaulted bonds issued prior to the 2008 crash by Countrywide Financial Corp, now part of Bank of America. In 2011, Bank of America settled with the bond investors, agreeing to pay $8.5 billion to cover their losses. Most of that money has been … [more]

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Union workers slam Wolkoff over jobs pledge at 5Pointz

Union construction workers and their allies gave developer Jerry Wolkoff an earful Tuesday, claiming he reneged on a promise to use union labor on his construction site at the former home of 5Pointz graffiti mecca in Long Island City. Wolkoff wrote a letter to Long Island City Council member Jimmy Van Bramer in 2013 as he was looking for approval from the City Council for his project, saying it was his “intention” to union labor at … [more]

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Fashion guru Tim Gunn, author Jay McInerney star in upcoming issue of LLNYC

Fashion week will soon be upon us, so what better time to talk to two of New York’s most fashionable gentlemen? Sartorial savant Tim Gunn and New York City writer par excellence Jay McInerney will soon land on the glossy pages of Luxury Listings NYC. In our September/October cover story, Tim Gunn opens up his Upper West Side home, talks politics, derides fast fashion and “bangs the tom-tom” for Hillary Clinton. Meanwhile, author Jay McInerney shares … [more]

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HotelTonight, after rough patch, plans to go public

Hotel booking startup HotelTonight is going public. CEO Sam Shank hopes to launch an initial public offering by late 2017, Bloomberg reported. The company was last valued in 2013 at $300 million, but some analysts say that its bookings and growth rate could make for a $400 to $500 million IPO. The past year has been a tough one for the startup. Faced with tight-fisted venture capitalists who balked at the company’s finances, including the … [more]

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Meet the company that’s looking to take on CoStar in New York

Since the 1990s, New York brokers and investors have been dependent on a single data provider for commercial leasing information: CoStar. “We’ve all become addicted to it on some level, for better or for worse,” said Joel Herskowitz, COO of Lee & Associates. But that could change now that CoStar’s only true national competitor is preparing to expand to New York City. Xceligent, which has captured market share in numerous secondary markets, has been gathering data … [more]

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MTA’s $1B bond sale gets high marks from rating agencies

There’s good news for New York City’s subway system: Two rating agencies have given strong marks to the Metropolitan Transportation Authority’s plan to sell $1 billion in bonds to pay for the transit system’s upkeep and expansion. Kroll Bond Rating Agency and Moody’s Investors Services gave strong marks for the offering, which will be secured by ground leases at Hudson Yards. Low interest rates and the strong pace of development at the megaproject played a … [more]

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